House prices in Dublin for second-hand properties have fallen by an average of €4,500 in the past three months.

That is according to a new REA House Price Index.

It says the price of a three-bed semi-detached house in the capital now stands at €433,000 - the second consecutive quarter fall since the end of March, and down 2.2% compared to June 2018.

The survey concentrates on the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide to the close of last week.

The average semi-detached house nationally now costs €236,028 - a rise of 0.05% on the Q1 2019 figure of €235,898.

Source: REA

Overall, the average house price across the country rose by 1.54% over the past year - a fall on the 2.96% recorded to March and an indication that the market is continuing to steady after an 8% overall annual rise to June 2018.

REA spokesperson Barry McDonald says: "Time taken to reach 'Sale Agreed' in Dublin is now eight weeks in the city and nine weeks in the county - reflecting the impact of new homes developments and the difficulties that people are experiencing in obtaining mortgage approval.

"Wherever we have new homes on the market, they are definitely having an effect on prices in the existing market as they operate in their own price structure, with buyers prepared to pay a premium for A-rated properties."

Source: REA

REA says areas such as South County Dublin have fallen by €6,500 in three months to €419,000, while North County Dublin areas such as Swords, Skerries and Balbriggan have remained static with prices averaging €322,500.

Prices are up slightly, by 0.1%, in the commuter counties in the last three months - with the average house now selling for €249,167.

It also says increased availability of new homes has had a "suppressing effect" on prices in some commuter areas such as Kildare, north Wicklow and Meath.

Cork City showed a slight rise of 0.8% to €320,000, while Waterford City reported a quarterly increase of 2.4%.

In the rest of the country's towns, the selling price rose by an average of €8,000 in the past year and 1.08% in the past three months to €161,138.